The cryptocurrency market experienced a major downturn recently, with Bitcoin dropping to $91,200 within a span of 24 hours. However, amidst this chaos lies an opportunity for investors as external factors come into play that could potentially turn the situation around.
BeInCrypto has identified three alternative coins (altcoins) that investors should keep an eye on in order to capitalize on the current market conditions.
Portal (PORTAL)
Portal (PORTAL) has seen a significant 25% decline, reaching an all-time low of $0.1064 during the recent crash. While this drop has caused worries among traders, there are positive indicators pointing towards a potential recovery.
The upcoming launch of Portal on the Solana blockchain is a key event to monitor this week. With Solana’s strong presence in the decentralized finance (DeFi) sector, the integration could greatly benefit Portal’s price, especially with the active participation of Solana's user base.
Aptos (APT)
Aptos (APT) experienced a sharp 35% decline, dropping to $4.57 and breaking a key support at $6.16, which aligns with the 23.6% Fibonacci retracement line. This suggests a possibility of further decline in the altcoin's price.
Currently priced at $5.86, APT has the opportunity to reclaim the $6.16 support level, potentially recovering and aiming for $7.66. The upcoming token unlock involving 11.31 million APT worth $66 million adds to the price action’s potential volatility.
BNB
Binance Coin (BNB) witnessed an 11% drop in the past day, falling below crucial support levels of $619 and the range between $587 and $619. Despite this setback, BNB holds promise for a comeback.
A bounce back for BNB, closing above $587, could signal a return of bullish momentum propelling the token back above $619. For savvy investors, this could present an attractive entry point.
In the event of BNB failing to reclaim the $587 support level, a further decline is possible with the token potentially reaching $550 or even lower. Continuous decline would disrupt the bullish outlook, further extending the losses seen recently.
By staying informed and strategically navigating the market, investors can make the most of the current turbulence and potentially turn losses into gains.